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The Impact of Including Fine Wine on Portfolio Diversification and Returns: A Study of US Investors

de Patoul, Arthur
(2023)

Files

DEPATOUL_64022100_2023.pdf
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Details

Supervisors
Iania, Leonardo
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion, à finalité spécialisée
Abstract
This study investigates the impact of including fine wine in investment portfolios on diversification and returns for US investors. Through a comprehensive analysis of historical price data, market trends, and risk factors, the research aims to provide insights into the potential benefits of incorporating fine wine as an alternative asset. The findings reveal that fine wine exhibits unique risk and return characteristics, as indicated by a positive French Fama three-factor model coefficient. Furthermore, the research analyzes efficient frontiers to demonstrate the potential diversification benefits of adding fine wine to portfolios and employs the Sharpe ratio as a measure of risk-adjusted returns. The research contributes to a deeper understanding of fine wine's role in enhancing portfolio diversification and offers valuable recommendations for US investors seeking to optimize their investment strategies.

Citations

  • APA

de Patoul, A. (2023). The Impact of Including Fine Wine on Portfolio Diversification and Returns: A Study of US Investors. https://dial-mem.test.bib.ucl.ac.be/handle/2078.2/36367